Solana plummeted substantially over the last 24 hours and was inching towards its crucial support line. The technical outlook of the coin continued to reflect bearishness. Few days ago though, the coin had attempted to bring the bulls back.
At the current moment, SOL was back to trading near the August 2021 level. Buyers also left the market as the bulls were defeated. Price of the coin has now found support on the $38 price mark. With the bears exerting pressure and causing sellers to dominate the market, Solana might again fail to sustain above the $38 price mark.
Major resistance for the coin continues to await at $44 and if SOL regains the bullish vigour then the coin might witness continued upside over the immediate trading sessions. The global cryptocurrency market cap today was at $1.29 Trillion, with a 2.6% negative change in the last 24 hours.
Solana Price Analysis: One Day Chart
SOL was trading at $39 at press time, it managed to remain above the $38 support level. With the bears that are back, it could be possible that Solana targets falling below the immediate support line. Closest support line after the $38 mark was at $34.
With the coin forming a descending triangle that signifies bearishness, SOL could also aim the $30 price support line. Considering Bitcoin also slightly retraced on the chart, market weakness could be a reason why Solana’s upward movement could be stalled.
Overhead resistance for the coin stood at $44, breaking past which the altcoin may encounter another…